House prices soar by over 10 per cent
HOUSE prices soared in Rochdale in the year to April – as the UK saw the second-largest annual rise in well over a decade.
Across the borough the average price reached £179,333 in April, according to the latest Land Registry data.
That was 1.80% above £176,194 in March and 10.80% more than a year earlier, when the figure was £161,899.
Also, the most up-todate house price data from Rightmove shows that the cheapest area of the borough is Castleton, where homes are priced at around £143,893.
In the town of Milnrow and the village of Nehwey, house prices are fairly cheap and range between £170,848 and £174,288.
You can also buy your first home for an affordable price in Heywood and Middleton, which both have an average house price of around £189,000.
In Salford, the average house price rose by 16.8% over the year to £213,065 – the biggest increase of anywhere in Greater Manchester.
That was followed by
Tameside, where it went up 15.2% to £199,788, while in Bolton it rose 14.3% to £179,129. Overall, Trafford had the highest average house price, at £346,908, although that represented a slightly more modest 7.7% annual increase.
Across the UK as a whole, the average home was valued at £281,161 in
April, which was 12.4% (or £31,000) higher than £250,210 a year previously.
That was the secondlargest rise in more than 15 years after prices increased by 13.3% in the year to June 2021, which was in part driven by a rush to take advantage of the stamp duty holiday put in place to boost the property market during the pandemic.
Commenting on the latest figures, Chris Jenkins, Office for National Statistics house prices statistician, said: “While annual growth nudged up again in April, this was mainly due to falls seen at this time last year from changes in the previous stamp duty holiday.
“Wales and Scotland saw the highest growth with London, again, growing the slowest.
“Rental prices continued to grow steadily overall.
“However, while still lagging other nations and regions, growth in London continues to pick up.”
Despite rocketing house prices in many parts of the UK, some property experts are predicting the market could slow down in the coming months due to rising interest rates.
The Bank of England recently raised interest rates for the fifth time in a row, to 1.25%, in a bid to put the brakes on rising prices by making borrowing more expensive.